Layer 1 blockchain Conflux Network is developing an “EVM compatible” solution focused on interoperability with Bitcoin.
This solution allows you to transfer Bitcoin and Conflux-based tokens between Conflux and the Bitcoin network. The testnet is scheduled to launch at the end of March, and the mainnet is scheduled to launch in May.
Conflux is known for combining Proof-of-Work (PoW) and Proof-of-Stake (PoS) algorithms to achieve consensus in the network. The new solution will operate on top of the main chain with the goal of interacting directly with Bitcoin. The team said it will use Bitcoin for gas fees and support Ethereum-based contracts.
Conflux “leverages the strengths of Bitcoin and seamlessly integrates it into our network with forward-thinking features such as PoS-based staking capabilities, giving users more channels to interact with decentralized applications built on top of the platform. “I’m doing it,” he said.
This project aims to equip inscription-based tokens. Inscriptions, which allow users to inscribe data on individual satoshis, have become popular in Bitcoin over the past year.
“By implementing EVM compatibility, our network can seamlessly manage Bitcoin-based assets such as BTC and xRC20 tokens (e.g. BRC20 and ARC20) through smart contracts,” Conflux said.
According to The Block’s pricing page, the Conflux token (CFX) is up more than 10% today, trading at $0.22.
CFX has a market cap of $801.9 million and a circulating supply of 3.6 billion.
Price action for CFX over the last 24 hours. Image: Block pricing from Conflux.
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About the author
MK Manoylov has been a reporter for The Block since 2020, joining just before Bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for publications covering all cryptocurrency-related news, preferring NFTs, metaverse, web3 games, fundraising, crime, hacking, and cryptocurrency ecosystem stories. MK holds a graduate degree from New York University’s Science, Health, and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. X You can follow MK at @MManoylov and on LinkedIn.